The Dow Jones Industrial Average added to its gains in the afternoon session today. The index opened 0.4% higher and is up 0.8%. The S&P 500 ticked higher from a 0.5% gain earlier to up 1% in afternoon trading.
The Nasdaq composite also strengthened, climbing 1.3% around 1:30 p.m. ET. The Russell 2000 also continued to gain and led with a 1.5% rally.
The yield on the 10-year Treasury fell 3 basis points to 2.86%. Crude oil fell to $92.22 a barrel.
Volume was significantly lighter. The Nasdaq's trading was down by 26% while NYSE volume fell 21% vs. the same time Thursday. The Innovator IBD 50 ETF was up nearly 1%.
Stocks Breaking Out
Clean Harbors is breaking out of a double-bottom base and is trading above a buy point of 115.10.
Paperboard packaging manufacturer Sonoco broke out of a cup-with-handle base with a buy point of 64.39. Both stocks have appeared in IBD screens, including Stock Spotlight.
U.S. Stock Market Today Overview |
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|---|---|---|---|---|
| Index | Symbol | Price | Gain/Loss | % Change |
| Dow Jones | (0DJIA) | 33619.68 | +283.01 | +0.85 |
| S&P 500 | (0S&P5) | 4254.34 | +47.07 | +1.12 |
| Nasdaq | (0NDQC ) | 12966.21 | +186.30 | +1.46 |
| Russell 2000 | 199.56 | +3.21 | +1.63 | |
| IBD 50 | 29.85 | +0.28 | +0.95 | |
Last Update: 1:24 PM ET 8/12/2022 |
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Economic Data
The stock market's uptrend continued today with the S&P 500 and the Nasdaq poised for a fourth straight week of gains, according to IBD MarketSmith. Consumer sentiment ticked higher, continuing the uptrend from June's all-time lows. The University of Michigan's preliminary August reading of 55.1 was higher than July's 51.5. The report indicates a higher divergence between current conditions and expectations, according to Jeffrey Roach, chief economist for LPL Financial. Views on the current situation declined, but views on the economy's future were the highest since May.
Dow Jones Leaders Post Gains for the Week
Dow Jones stocks Disney and Apple are leading gains so far this week. Disney surged 14% this week after the company beat estimates Wednesday and subscription growth surpassed that of rival Netflix. Apple shares posted gains of 5% in afternoon trading. The stock is building a base within a longer consolidation with a buy point of 179.71.
Other Dow stocks that have been gaining include Procter & Gamble. The stock is forming a double bottom with a buy point of 165. The stock has broken above its 50-day moving average but continues to trade below its 200-day line.
McDonald's is trading above its 50- and 200-day moving averages with a buy point of 271.25, but a handle entry has appeared at 265.56.
UnitedHealth Group is in a buy zone from its 518.80 buy point. Chevron is trading lower today but is still in a cup base with a buy point of 182.50, just above its 50-day line.
Outside Dow Jones, Tech Stocks Clear the 50-Day line
Several tech leaders climbed above their 50-day lines this week. Micron is up 5% for the week. Nvidia, Taiwan Semiconductor, Lam Research and Applied Materials have risen above the key technical line. But all those stocks remain deep in corrections.
In the electric-vehicle segment, shares of Rivian are marginally lower after news of a second-quarter loss of $1.89 a share was announced late yesterday. EV giant Tesla[ticker symb=TSLA] rose nearly 3% on news from CEO Elon Musk that the company will deliver a new vehicle this year, the Tesla Semi. Shares are also likely trading up ahead of the 3-for-1 stock split. The stock continues to face resistance at its 200-day line.
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